US lower mid-market firm Hammond Kennedy Whitney & Company has closed its fourth fund on $316 million, above its $300 million target, according to a statement.
The oversubscribed fund will invest primarily in lower mid-market companies headquartered in North America, consistent with the investment strategy of the firm. Fund IV will target investments in sectors such as energy services, infrastructure, and medical products.
About 81 percent of Fund IV commitments are from institutional investors, including six insurance companies, four fund of funds, two state pension funds, and one university endowment, according to HWK.
The Indiana Public Retirement System pension fund invested in Fund III through a fund of funds vehicle managed by AlpInvest Partners, according to a report in the Indianapolis Business Journal. Fund IV is already partially invested in four portfolio companies, including Brant Instore Corporation; Mobile Tech; Specialized Desanders and EnerSafe Inc. All four companies focus on consumer industrials.
HKW’s previous private equity fund, HKW Capital Partners III, raised $255 million and acquired 14 companies. The firm’s fund two closed on $100 million and also invested in 14 businesses.